World Bank sees PH remittances hitting $33 billion in 2017

The World Bank sees remittance flows to the Philippines hitting nearly $33 billion this year amid global economic recovery.

“Remittances to the Philippines continue to remain resilient despite the political uncertainties in the Middle East, and are expected to grow by 5.3 percent in 2017, slightly higher than the estimated 4.5-percent increase in 2016,” the Washington-based multilateral lender said in its Migration and Development Brief report released on Oct. 3.

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The Philippines was poised to be the third-biggest remittance-receiving country this year with $32.8 billion, after India’s $65.4 billion and China’s $62.9 billion, the World Bank’s latest estimates showed.

Worldwide, “remittances to low- and middle-income countries are on course to recover in 2017 after two consecutive years of decline,” the World Bank said in a statement.

“Officially recorded remittances to developing countries are expected to grow by 4.8 percent to $450 billion for 2017. Global remittances, which include flows to high-income countries, are projected to grow by 3.9 percent to $596 billion,” the World Bank added.

According to the World Bank, “the recovery in remittance flows is driven by relatively stronger growth in the European Union, Russian Federation, and the United States.”

However, remittances to East and South Asia may be dampened by “fiscal tightening, due to low oil prices, and policies discouraging recruitment of foreign workers” in oil-producing Gulf Cooperation Council countries, according to the World Bank.

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